Overview

Payment Depot, now operating as Payment Depot by Stax, is a payment processor owned by Stax. It offers merchant services using a membership-based pricing model, also known as subscription pricing, designed to help businesses reduce overall processing costs and minimize additional fees. Instead of paying multiple recurring charges, merchants pay a single monthly subscription fee, simplifying the cost structure.

Features and Services

Payment Depot provides a variety of valuable services and features. Below is a summary of its standout tools based on our evaluation.

Virtual Terminal

Payment Depot collaborates with SwipeSimple to offer a virtual terminal, enabling businesses to process credit card payments over the phone by manually entering payment details. A key advantage of this tool is its versatility—it also supports invoicing, recurring subscription payments, inventory tracking, receipt generation, and more.

POS Tools

Unlike some competitors that provide built-in point-of-sale (POS) functionality, Payment Depot partners with third-party providers, offering businesses a choice between Clover and Vital Select. Each system comes with its own hardware and software, allowing businesses to process payments while also managing sales, generating reports, tracking inventory, and overseeing employee permissions, time, and attendance. Clover’s software includes industry-specific modules tailored for retailers and restaurants, featuring specialized capabilities like kitchen ticket generation and multi-attribute product management.

Hardware

Payment Depot offers an extensive range of third-party credit card processing equipment from brands such as Clover, SwipeSimple, First Data, Dejavoo, Poynt, and Vital Select. While the selection is impressive, businesses must contact a Payment Depot representative to obtain pricing details for the hardware.

Mobile App

Many credit card processors don’t provide a dedicated mobile app, making Payment Depot’s partnership with SwipeSimple a valuable feature. The SwipeSimple app enables businesses to manage product catalog, securely store payment information, process refunds, and accept tips. Additionally, SwipeSimple offers a mobile card reader, allowing payments to be accepted directly through a smartphone.

Pricing and Plans

Payment Depot operates on a membership-based pricing structure, where businesses pay a small, flat fee per transaction in addition to the wholesale rate, which includes interchange and assessment fees set by credit card networks. The total cost varies depending on the selected membership plan, which is determined by the business’s monthly credit card processing volume. Unlike some competitors, Payment Depot does not apply a percentage-based markup to the wholesale rate, potentially leading to cost savings for businesses.

Starter Plan

The Starter plan is priced at $59 per month, with an additional charge of 15 cents per transaction. It includes several valuable features, such as free equipment, ACH processing, surcharging capabilities, a dashboard with analytics, backup processing, and breach protection.

Starter Plus Plan

Priced at $79 per month with a per-transaction fee of 10 cents, the Starter Plus plan includes all features from the Starter plan. Additionally, it offers digital invoicing, recurring payment support for memberships and subscriptions, a text-to-pay option for customers, and integrations with API and QuickBooks.

Growth Plan

The Growth plan costs $99 per month, with a reduced per-transaction fee of 7 cents. It includes everything from the Starter and Starter Plus plans while adding an enhanced dashboard with advanced analytics, data import and export capabilities, and automatic credit card expiration updates.

Other Fees

Payment Depot eliminates many standard industry fees, such as setup fees, monthly account fees, and PCI compliance fees. Online businesses also benefit from having no separate payment gateway fee, as it is included in the membership cost. However, businesses should be aware of a $15 chargeback fee and a $19.99 monthly fee for PCI noncompliance.

Businesses can minimize chargebacks by providing clear and detailed product or service descriptions and ensuring refund and shipping policies are well-communicated and easily accessible to customers.

Terms and Limitations

Payment Depot does not require a monthly minimum processing volume. However, businesses processing less than $2,500 per month may be advised to consider alternatives like PayPal or Square, which could be more cost-effective. Payment Depot operates on a month-to-month basis with no cancellation fees, allowing businesses to switch processors without financial penalties. Additionally, if a business pays the annual membership fee upfront but decides to cancel before the 12-month period ends, a prorated refund is provided.

Payment Depot can offer significant savings for businesses with a high processing volume. However, for those with low or inconsistent monthly sales, the membership fee may outweigh the benefits. To determine if this pricing model is the right fit, businesses should compare their expected transaction volume against the costs of alternative processors

Ease of Use

Payment Depot’s interface is designed for ease of use, featuring a logical layout that simplifies navigation. The reporting module is especially intuitive, with a dashboard that provides an at-a-glance view of sales data. Users can also dive deeper into specific metrics for more detailed insights. Overall, the software enables business owners and their teams to get started quickly with minimal learning curve.

Customer Support

Payment Depot provides personalized customer service by assigning each business a dedicated account representative as a primary point of contact, a feature not commonly offered by all credit card processors. While regular business hours are Monday through Friday from 11 a.m. to 8 p.m. ET, customers also have access to 24/7 phone support. The company receives above-average customer satisfaction ratings on review platforms, though some users have reported unexpected fee increases.

Bottom Line

Payment Depot distinguishes itself in the credit card processing industry with its wholesale membership-based pricing, making it a strong choice for businesses processing high volumes of credit card transactions. Unlike many competitors, it does not require long-term contracts or charge early termination fees, providing businesses with greater flexibility. Additionally, Payment Depot offers a variety of plans designed to accommodate businesses of different sizes and needs.